Wednesday, 4 January 2017

TONY ELUMELU IS HANDING OUT $5,000 TO YOUNG AFRICANS TO START BUSINESS

The Tony Elumelu Foundation (TEF), one of Africa’s largest business
incubators, is now accepting applications from African entrepreneurs
with business ideas that can transform the continent.

The application portal is open and accepting submissions until midnight WAT on March 1, 2017.
Successful applicants will join the third cycle of the TEF
Entrepreneurship Programme, TEF’s 10-year, $100-million commitment to
train, mentor and fund 10,000 African entrepreneurs in every African
country.

Since inception in 2015, the programme has assisted
nearly 2,000 entrepreneurs and created hundreds of jobs across the
continent.

The programme is said to provide critical tools for entrepreneurial success, including:

• Training: 12 weeks of intensive training on setting up and managing businesses

• Mentoring: A mentor will guide successful applicants in creating a robust business plan

• Seed Capital: $5,000 in non-returnable seed capital and access to a $5,000 convertible loan
According to Tony Elumelu, TEF Founder, the programme is a deliberate
effort to institutionalise luck and provide the essentials for business
growth to Africa’s next generation of business leaders.

“It is a
demonstration of my faith in this generation’s ability to transform the
African narrative, from the single story of disease and poverty, to one
of enterprise and opportunity,” he said.

“Spread the word; we need Africa’s best and brightest entrepreneurs. Their ideas will transform Africa.”

One thousand entrepreneurs will be selected based on the viability of
their idea, and other factors, such as: market opportunity, financial
understanding, scaleability, and leadership and entrepreneurial skills
demonstrated in the application.

To be eligible, business must be
based in Africa, must be for profit, must be 0-3 years’ old, and
applicants must be at least 18 and a legal resident or citizen of an
African country.

“We encourage women, French, Arabic and
Portuguese speakers and business ideas from every region across Africa,
to apply,” Parminder Vir, CEO of the foundation, said.

“Our 2,000
alumni are already growing their businesses and improving lives. If you
have a transformational business or an idea, we have an opportunity for
you.”